As recently as last week, Mistry called up a senior executive to gauge the feedback from media on the Hexa project, internally codenamed Eagle. More than 100 journalists had congregated in Hyderabad to test drive the Hexa and the Tata Group chairman was eager on the initial response.Ketan Thakkar | ET Bureau | October 25, 2016, 00:03 IST

MUMBAI: After a decent success with small car Tiago, Tata Motors top management was furiously working to ensure that the momentum was maintained with the Hexa, the soon to be launched SUV on which Cyrus Mistry had taken personal interest.

Industry executives and analysts fear the sudden exit of the chairman bringing uncertainty at the company at a time when it is emerging out of a prolonged slowdown.

As recently as last week, Mistry called up a senior executive to gauge the feedback from media on the Hexa project, internally codenamed Eagle. More than 100 journalists had congregated in Hyderabad to test drive the Hexa and the Tata Group chairman was eager on the initial response.

Mistry's love for automobiles and the performance of Tata Motors under him were very closely monitored since he took over reins at the group. He was initially seen as a non-enthusiast towards cars, but that view has since changed.

From taking charge of the executive committee in 2014 — thereby becoming de-facto head of Tata Motors post Managing Director Karl Slym's death — to the appointment of Guenter Butschek, Mistry has clearly steered Tata Motors to the transformation journey, which is now being driven by the new MD who is a former operations chief at Airbus and a Mercedes-Benz veteran.

A regular visitor to international motor shows, Mistry took keen interest on each and every product of Tata Motors and gave some critical inputs, said people in the know.

"While Ratan Tata was seen as a pure enthusiast and passionate towards cars, the interest of Mistry was no less. He, in fact, contributed pragmatically to certain pain areas of Tata Motors, which is bearing fruits now," said a person associated with Tata Motors, requesting anonymity. “His exit is a big loss; one hopes his replacement to not take too long.”

Tata Motors has for long seen constant change in top management as its biggest bane. Under Butschek and with Cyrus Mistry on top and executives like passenger vehicles business unit head Mayank Pareek to drive the business, it seemed like a formidable team, but the exit of Mistry could again create uncertainty, feel some.

Deepesh Rathore, director at London-based Emerging Markets Automotive Advisors, said the change at the very top comes at a time when Tata Motors was seeking stability and that was never a good thing. Such moves also come sans any transparency and this makes executives in the lower management jittery and insecure.

"While Ratan Tata's coming back may be reassuring for some, he is a stop-gap arrangement as the group finds a new Chairman. Who that person may be and what would be his strategic vision for Tata Motors remains to be seen," Rathore added.